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A normal desire for any one is to bequeath huge amounts of money to their loved ones upon their death. But for the average individual with average income, leaving behind millions of dollars for their loved ones’ benefit is not that easy to do.

Thankfully, a new insurance program called premium finance is making it possible for individuals to take out an insurance policy in millions of dollars without disrupting their cash flow or impacting their liquidity.

Strictly speaking, premium financing is not a new type of insurance. Rather, it is a new financing option for insurance policies. Premium finance is targeted primarily at high net worth senior individuals, but other high net worth individuals are opting for premium financing. The reason is obvious: an insured does not have to sell any of his assets just to be insured in millions of dollars. If you opt for premium finance, you only need to present a minimum collateral, there are no expenses to be paid from out of your pocket.

When you decide to premium finance your insurance policy, a financial institution like a bank, pays the insurance company the total amount of premiums. The premium finance bank then bills the insured, who then pays the bank, usually in monthly installments. Apart from banks, the insurance company itself or insurance broker grants a premium finance loan.

An insured individual can also make arrangements so that the loan (plus accrued interest) is only paid for when the insured individual dies. The death benefit or face amount of the policy is deducted the total loan amount plus interest. The remaining amount of the death benefit, 100% of it, is then turned over to the beneficiaries.

Many people are divided over premium finance – some think it is free life insurance while others think it is a scam. Whatever you think, you should know that premium finance is legal in the United States.


 

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